AngloGold Ashanti Limited \ Reg. No.1944/017354/06
76 Jeppe Street \ Newtown \ 2001 \ PO Box 62117 \ Marshalltown \ 2107 \ South Africa
Tel +27 (0)11 637 Ext \ Fax +27 (0)11 637 Fax \ E-mail : email address@AngloGoldAshanti.com
AngloGold Ashanti and the Extractive Industries Transparency Initiative (EITI)
The Extractive Industries Transparency Initiative (EITI) was launched by the then-UK Prime Minister,
Tony Blair, at the World Summit on Sustainable Development in Johannesburg, South Africa, in
September 2002. The initiative is a partnership of governments, international organisations, companies,
NGOs, investors and business and industrial organisations. Its aim is to increase transparency in
transactions between governments and companies in the extractive industries. This transparency will in
turn improve public awareness of the revenues from these industries, thus increasing the likelihood that
they will contribute to sustainable development and poverty reduction.
The EITI has adopted the following principles:
The EITI Principles
1) We share a belief that the prudent use of natural resource wealth should be an important
engine for sustainable economic growth that contributes to sustainable development and
poverty reduction, but if not managed properly, can create negative economic and social
2) We affirm that management of natural resource wealth for the benefit of a country’s
citizens is in the domain of sovereign governments to be exercised in the interests of
their national development.
3) We recognise that the benefits of resource extraction occur as revenue streams over
many years and can be highly price dependent.
4) We recognise that a public understanding of government revenues and expenditure over
time could help public debate and inform choice of appropriate and realistic options for
5) We underline the importance of transparency by governments and companies in the
extractive industries and the need to enhance public financial management and
6) We recognise that achievement of greater transparency must be set in the context of
respect for contracts and laws.
Directors: RP Edey (British) (Chairman) \ Dr TJ Motlatsi (Deputy Chairman) \ M Cutifani (Australian) (Chief Executive Officer) \ FB Arisman (American)
RE Bannerman (Ghanaian) \ JH Mensah (Ghanaian) \ WA Nairn \ Prof WL Nkuhlu \ SM Pityana \ S Venkatakrishnan (British)
Company Secretary: L Eatwell
7) We recognise the enhanced environment for domestic and foreign direct investment that
financial transparency may bring.
8) We believe in the principle and practice of accountability by government to all citizens for
the stewardship of revenue streams and public expenditure.
9) We are committed to encouraging high standards of transparency and accountability in
public life, government operations and in business,
10) We believe that a broadly consistent and workable approach to the disclosure of
payments and revenues is required, which is simple to undertake and to use.
11) We believe that payments’ disclosure in a given country should involve all extractive
industry companies operating in that country.
12) In seeking solutions, we believe that all stakeholders have important and relevant
contributions to make – including governments and their agencies, extractive industry
companies, service companies, multilateral organisations, financial organisations,
investors, and non-governmental organisations.
AngloGold Ashanti has been an active supporter of the initiative since its inception, both via the
company’s membership of the ICMM and individual corporate action. AngloGold Ashanti formally
became an organisational supporter of the EITI in 2006.
As a matter of principle AngloGold Ashanti has established a practice of disclosing all
payments made to governments in its annual Sustainability Review, regardless of whether the
country is a formal supporter of the EITI.
In countries where governments have indicated a desire to be a part of the process, AngloGold Ashanti
is actively involved in contributing to the success of the initiative. These countries include Ghana,
Guinea, Mali and the Democratic Republic of the Congo.
Accountability for the EITI
Final accountability for the company’s support for and relationship with the EITI is ultimately that of
Thero Setiloane, Executive Vice President – Business Sustainability
(email@example.com ), and the appointed lead contact person responsible for
communication of the company’s EITI policy, action in support of EITI, and responding to queries from
EITI stakeholders is Yedwa Simelane, Senior Vice President: Corporate Communications
(firstname.lastname@example.org ). They may both be reached at:
Business Sustainability Department
76 Jeppe Street
Telephone: +27 11 637 6000
AngloGold Ashanti reports comprehensively on sustainability issues on an annual basis in the form of
its Sustainability Review and country reports. The company’s express support for the EITI is mentioned
in a number of places AngloGold Ashanti’s most recent Sustainability Review:
AngloGold Ashanti Sustainability Review: Issues That Matter (published March 2010):
The CEO Mark Cutifani’s review: page 17
Commitments to external initiatives: page 25
Payments to and assistance from government: page 60
The report of the independent assurers: page 66
The following reports are available at www.aga-reports.com to read or download in PDF format:
Annual financial statements
Mineral resources and ore reserves statements